ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the coronavirus (COVID-19) pandemic and commodity price decreases, the US company said yesterday.
“Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,” said Darren Woods, Chairman and CEO of Exxon Mobil Corporation.
“We will outline plans when they are finalised.”
Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment.
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